actual unemployment and long-term unemployment is estimated and found to be significant for the Euro Area and Germany … Arbeitslosigkeit bzw. der Langzeitarbeitslosigkeit für den Euroraum und für Deutschland signifikant geschätzt wird. Das Vorliegen von …

We propose and estimate a model where unemployment fluctuations result from self-fulfilling changes in expected … European unemployment rates. They also generate positive comovements in macroeconomic variables and a large relative volatility … fact that liquidity constrained workers, facing earnings uncertainty in the context of imperfect unemployment insurance …